China needs to continue to tighten monetary conditions. There is a need clearly for additional measures.

India appears poised to grow rapidly in the future but such an outcome is by no means assured. Moving faster with reform in the current optimistic environment will have large payoffs.

Japan's recovery is becoming much more entrenched. In Europe there is growing hope growth will pick up. Also, the U.S. and China are performing very well.

reduce the urgency for the Federal Reserve to tighten monetary policy.

We continue to be bullish on China.

There are a lot of opportunities (in China) that we continue to look at but we want to do it right.